Oct. 24 (UPI) — The Social Security Administration says it will issue a cost-of-living adjustment for the next year for millions of Americans who rely on the social safety net.
On Friday, the SSA revealed the 2026 COLA will be 2.8% with retirement benefits going up roughly $56 per month on average beginning January in a bid to keep up with rising inflation.
“Social Security is a promise kept, and the annual cost-of-living adjustment is one way we are working to make sure benefits reflect today’s economic realities and continue to provide a foundation of security,” SSA Commissioner Frank Bisignano said in a statement.
According to AARP, social security is the primary income source for about 40% of elder U.S. citizens with roughly 75 million who receive federal social security benefits and supplemental security income.
The 2026 COLA is consistent with a projected 2.7% to 2.8% estimated boost, while 2025’s cost-of-living adjustment at 2.5%.
Social security’s COLA has averaged 2.6% over the last 20 years, according to The nonpartisan Senior Citizens League.
But experts suggest this year’s new COLA may do little to ease personal struggles and high prices.
Friday’s announcement by SSA arrived as tens of millions of Americans are set to lose much-need food benefits in days time as the Republican-controlled government shutdown lingers on.
COMMENTS
Please let us know if you're having issues with commenting.